China Steel Corp (CSC) of Taiwan raised steel prices by 12.6% for deliveries in the first quarter of next year, the Taipei Times reports.

CSC said the hikes are due to soaring international steel prices.

“Undersupply problems in the global steel market remain, which has stimulated raw material prices,” said CSC president Liu Jih-gang, who attributed the steel shortage to Beijing’s measures to curb production.

The company’s global rivals, including steelmakers in the U.S. and China, have increased prices in response to rising prices for raw materials, he said.

U.S. steel mills have raised prices for steel plates by US$110 per ton since the end of October, according to CSC.

“China’s major steelmakers, including Baoshan Iron & Steel Co, raised prices by nearly 450 yuan (US$65) per tonne for hot-rolled items to be delivered next month,” the Times reports.

In addition, CSC said its raw material costs in the opening quarter of 2017 would increase by more than US$150 per ton from the third quarter of this year.

“Given the rising costs, the company is to increase prices by NT$2,265 per tonne for shipments due in the first quarter, with a shipment target of 3.27 million tons,” Liu said.

The price of hot-rolled items is to increase by NT$2,265 per ton, while hot-dipped galvanized steel is to go up by NT$1,909 per ton.

However, the prices do not fully reflect the increases in raw material prices, as the company hopes to sustain downstream customers’ global competitiveness, Liu told the Times.

“For example, prices for steel plates will only increase by NT$1,711 per tonne, as CSC decided to absorb nearly 40% of material costs,” Liu said.

The hikes come amid a push for duties on imports.

Taiwan’s Ministry of Finance said that it will levy antidumping duties ranging from 4.22% to 77.3% on zinc-coated steel products from China and South Korea for the next five years.

The government also will impose antidumping taxes ranging from 4.02% to 80.5% on steel plates imported from China, South Korea, India, Indonesia, Brazil and Ukraine.